Boulder’s core asset is the Company-operated, 81 percent working interest Brazeau property. Brazeau is a large, delineated asset stretching over a 40-mile fairway and focused on the multi-zone Belly River sands. The Belly River at Brazeau produces premium-priced, 44° API light oil, as well as natural gas liquids (including condensate) and natural gas. Brazeau holds an estimated 880 million barrels of discovered oil initially in place and a further 468 million barrels of undiscovered oil initially in place, as well as natural gas and natural gas liquids.

In the period 2011-2014, Boulder’s predecessor company transformed the area from a declining conventional play producing small volumes from aging vertical wells into a dynamic growth engine using horizontal wells with multi-stage fracturing, achieving 700 percent growth in production in only three years. Although technically well-established, the Brazeau horizontal play remains a “young” asset offering many years of further growth potential.

Upon Boulder’s founding in May 2015, Brazeau comprised:

113,000 gross acres of land at an average 81 percent working interest;

60 horizontal wells on-production from a mix of single-well and multi-well pads;

Proved plus probable reserves of 34.7 million boe (including minor reserve volumes attributable to non-core properties not at Brazeau) and a much larger base of estimated resources, with only modest recoveries (or cumulative production) to date;

Company-owned infrastructure including:

A central battery with capacity of 12,000 barrels per day;

Field compression and associated pipeline infrastructure; and

Working interest access to a large, third-party gas processing facility;

Proven economic production from a total of eight zones and sub-zones, with a further two sub-zones identified and remaining to be explored/delineated; and